The Provenance blockchain has achieved a new milestone, with its total value locked (TVL) reaching an all-time high of $1.2 billion as of February 11. This represents a 7% increase in the past 24 hours and a significant 570% rise since November 2025, when the TVL was approximately $179.9 million, according to DeFiLlama data. The entire TVL is attributed to Figure Markets, a decentralized custody platform offering spot trading, crypto-backed lending, and yield-bearing assets. Figure Markets has generated $3.84 million in annualized fees and revenue, with a 30-day decentralized exchange volume of $2.08 billion. Provenance's native token, HASH, rose 8% to $0.018, while Figure's HELOC token traded at $1.02. The increase in TVL coincides with growing interest in tokenized real-world assets, which have expanded by 14% over the past month to a value of $24.7 billion. Despite the growth, opinions are divided on the significance of Provenance's milestone. Some experts argue that the lack of composability limits the utility of tokenized assets on the blockchain. However, others highlight the efficiency and cost-effectiveness of Figure Markets' operations on Provenance, particularly in the home equity loan sector. The blockchain's expansion follows the launch of the On-Chain Public Equity Network (OPEN), allowing companies to list equity natively on-chain.